Economy - overview:
The agricultural sector accounts for about one-fourth of GDP,
two-thirds of exports, and half of the labor force. Coffee, sugar,
and bananas are the main products. Former President ARZU (1996-2000)
worked to implement a program of economic liberalization and
political modernization. President PORTILLO has continued the
liberalization program but with more sporadic results. The 1996
signing of the peace accords, which ended 36 years of civil war,
removed a major obstacle to foreign investment, but numerous
corruption scandals associated with the PORTILLO administration have
dampened investor confidence. The distribution of income remains
highly unequal, with perhaps 75% of the population below the poverty
line. Ongoing challenges include increasing the government revenues,
negotiating further assistance from international donors, upgrading
both government and private financial operations, and narrowing the
trade deficit. A free trade agreement between the US and Central
American countries promises greater access to US and neighboring
markets.
GDP:
purchasing power parity - $53.2 billion (2002 est.)
GDP - real growth rate:
2.2% (2002 est.)
GDP - per capita:
purchasing power parity - $3,900 (2002 est.)
GDP - composition by sector:
agriculture: 23%
industry: 20%
services: 57% (2001 est.)
Population below poverty line:
75% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 46% (1998)
Distribution of family income - Gini index:
55.8 (1998)
Inflation rate (consumer prices):
8.1% (2002 est.)
Labor force:
4.2 million (1999 est.)
Labor force - by occupation:
agriculture 50%, industry 15%, services 35% (1999 est.)
Unemployment rate:
7.5% (1999 est.)
Budget:
revenues: $2.3 billion
expenditures: $2.7 billion, including capital expenditures of $750
million (2002 est.)
Industries:
sugar, textiles and clothing, furniture, chemicals, petroleum,
metals, rubber, tourism
Industrial production growth rate:
4.1% (1999)
Electricity - production:
6.237 billion kWh (2001)
Electricity - production by source:
fossil fuel: 51.9%
hydro: 35.2%
other: 12.9% (2001)
nuclear: 0%
Electricity - consumption:
5.559 billion kWh (2001)
Electricity - exports:
336 million kWh (2001)
Electricity - imports:
95 million kWh (2001)
Oil - production:
21,080 bbl/day (2001 est.)
Oil - consumption:
61,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
263 million bbl (37257)
Natural gas - proved reserves:
1.543 billion cu m (37257)
Agriculture - products:
sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep,
pigs, chickens
Exports:
$2.7 billion f.o.b. (2002 est.)
Exports - commodities:
coffee, sugar, bananas, fruits and vegetables, cardamom, meat,
apparel, petroleum, electricity
Exports - partners:
US 58.7%, El Salvador 9.3%, Nicaragua 3.1% (2002)
Imports:
$5.6 billion f.o.b. (2002 est.)
Imports - commodities:
fuels, machinery and transport equipment, construction materials,
grain, fertilizers, electricity
Imports - partners:
US 33.2%, Mexico 9.9%, South Korea 8.2%, El Salvador 5.7%, China 4%
(2002)
Debt - external:
$4.9 billion (2002 est.)
Economic aid - recipient:
$250 million (2000 est.)
Currency:
quetzal (GTQ), US dollar (USD), others allowed
Currency code:
GTQ; USD
Exchange rates:
quetzales per US dollar - 7.82 (2002), 7.86 (2001), 7.76 (2000),
7.39 (1999), 6.39 (1998)
Fiscal year:
calendar year